For the first time, the average price of a home is now over $250,000 and the median price of a home is more than $200,000, according to a report released by the Denver-based Perry & Butler Realty Inc.

And a report by the Genesis Group of Denver, which has tracked new and used home sales since 1996, shows affordability is at its lowest level in four years. It is almost certain that the average price of homes has never been this high.

"Wages have gone up, but certainly not as fast as home prices," says Patty Silverstein, chief economist for the Metro Denver Chamber of Commerce and principal of Development ResearchPartners. Indeed, another report shows housing prices have risen 115% from 1991 to 1999 while wages have gone up only 67%.

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